- BNB has shown a relative force compared to the larger market, holding key levels while others faced deeper withdrawals.
- The USDC continues to gain ground on binance in the middle of the Mica compliance.
Binance Coin (BNB) has worked relatively better than the general market. The strength was shown in the way of maintaining significant price levels in the midst of recent market cuts.
The last wave of purchase has transported prices to key resistance levels. The levels have pointed out potential short -term posterior trends, but also warned against the levels of resistance to the approach.
Action and price prediction
Binance Coin has rebounded a level of support at around $ 560 to potentially confirm the double bottom if $ 650 is raped.
The high trading volume that accompanied the BNB may have been traders trying to take advantage of short-term measures.
The price action is centered between the $ 690 zone and $ 730. The price of $ 730 was tried several times in the last quarter but was not convincingly violated, an indicator that there was increasing pressure of the sale.
If the purchase of pressure persists, BNB can try to cross the resistance level of $ 730.
However, with the large number of short liquidations already in books, it can also act as resistance to any upward trend. The resistance violation could open the way to a rally at a summit of $ 794.68.
Source: tradingView
On the other hand, if BNB fails to support its current momentum and is attacked by an aggressive sale to crucial resistance, there is a danger of falling towards lower levels.
The closest crucial support below current levels is $ 550.
Ventilation under this level can invite more sales, which can test the $ 500 area, which was previously a level of psychological support.
In short, although the BNB can always exchange, the proximity of the key resistance and the potential for short liquidations call for caution.
Consolidation greater than $ 730 for bullish confirmation, or ventilation less than $ 550 for a downward continuation.
Stablecoins growth on binance
The USDC market share on the Binance has increased by 1,621% in the past year, from 0.48% to 8.26%. Hyperbolic growth is mainly due to the expected RTO of the USDT for EU customers in order to make room for Mica compliance.
The change increases not only the visibility of the USDC, but also has an impact on the stability of the BNB.
Source: cryptocurrency
As regulatory development feeds Stablecoin movements, it could very well validate the double background of BNB.
It would be a level of solid support and a possible reversal of BNB upwards while the action of Stablecoin continues to increase on the platform.
However, with the market at these key levels, the maintenance of a head of the head for the advantages and the potential of the disadvantages will be the key to traders active in the BNB commercial action.
